Enhancing Service in Region is Primary Focus
WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 30, 2012--
Carpenter Technology Corporation (NYSE:CRS) today announced it plans to
construct a bar finishing facility in China to meet increased customer
demand in Asia. A final location has not yet been determined.
“The decision to build in China is being driven by rapid growth in that
region of the world,” said William A. Wulfsohn, Carpenter Technology’s
President & CEO. “While the company’s core production and knowledge
strength will remain based in the United States, we will expand capacity
in appropriate regions to support the local needs of our customers.”
The wholly-owned facility is expected to be completed in 18-24 months at
a total capital cost of about $20 million. The facility will have
initial capacity to process approximately 1,500 tons annually of premium
small diameter bar.
About Carpenter Technology
Carpenter Technology, based in Wyomissing, PA, produces and distributes
specialty alloys, including stainless steels, titanium alloys and
superalloys, and various engineered products. Information about
Carpenter can be found at www.cartech.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to risks, uncertainties and other factors
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties are
described in Carpenter's filings with the Securities and Exchange
Commission including its annual report on Form 10-K for the year ended
June 30, 2012, and the exhibits attached to those filings. They include,
but are not limited to, statements regarding cost, capacity and plans to
construct a bar finishing facility in China, the ability to reduce lead
times to existing customers and access new business growth
opportunities. Carpenter undertakes no obligation to update or revise
any forward-looking statements.
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Media Inquiries:
William J.
Rudolph, Jr., 610-208-3892
wrudolph@cartech.com
or
Investor
Inquiries:
Michael A. Hajost, 610-208-3476
mhajost@cartech.com